What in the World - Oil giants make record profits during Iran war

Download Oil giants make record profits during Iran war

Oil prices have shot up since the US-Israel war with Iran began, and the Strait of Hormuz, one of the world’s most important oil shipping routes, has been almost completely closed.

It’s been bad news for drivers, airlines and anyone already feeling the squeeze from the cost of living. But for some of the world’s biggest oil companies, it’s been very good news. Oil giants like ExxonMobil and Chevron are reporting huge profits.

And at the same time, we’re seeing record-breaking heatwaves, with wildfires raging in parts of Europe and Asia.

Our resident business expert, Emer Moreau, tells us about the oil giants’ profits and how the high costs are impacting all of us.

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Presenter: Hannah Gelbart
Producer: Emily Horler, Chelsea Coates and Adam Chowdhury
Editor: Verity Wilde

Published on Friday, 7th August 2026.

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